A proposed merger involving Tether-backed Twenty One Capital, Strike, and Elektron Energy has been scrapped. Strike will now operate as a standalone company, while Jack Mallers steps down as Twenty One Capital CEO, succeeded by Raphael Zagury. Discussions between Twenty One and Elektron Energy are ongoing.
Despite a prolonged crypto bear market and significant job cuts, mergers and acquisitions in the digital asset sector reached $9.37 billion in H1 2026. This consolidation is fueled by traditional financial institutions seeking established infrastructure and regulatory clarity, alongside blockchain networks acquiring consumer-facing applications, while the workforce shifts towards AI and compliance expertise.
Galaxy Digital founder Mike Novogratz testified in Delaware court against BitGo CEO Mike Belshe over a failed $1.2 billion crypto merger. Galaxy seeks to avoid a $100 million fee, citing regulatory hurdles and BitGo's alleged failure to provide financial information.
